Portland Grain Review 01/14

January 14, 2020 Portland Price Trends 01-01-19 08-01-19 12-01-19 01-07-20 01-14-20 #1 SWW (bu) 6.15 5.90 5.95 6.12 6.24 White Club 6.15 5.90 7.75 7.62 7.74 DNS 14% 6.59 5.98 6.80 7.07 7.23 HRW 11.5% 6.39 5.36 5.99 6.15 6.36 #2 Corn (ton) 168.00 170.00 170.00 171.00 173.00 #2 Barley 140.00 140.00 135.00 140.00 140.00 Wheat...West coast white wheat basis remains defensive in both old and new crop positions, while both hard red winter and spring wheat basis has been firming-up. Old crop soft white basis of 58 over sets near the low end of a two-year range, while new crop basis of 30 over lanquishes about 20 cents below average. Hard red winter basis was back up a nickel this morning to 140 over, but 20 cents below recent highs. Hard red spring saw a dime added this morning to return to the season high of 170 over. Shipments...Weekly export inspections showed total U.S. wheat loading activity up slightly from the prior week at 17.4 mb, putting current year shipments at 565 mb and 14% ahead of a year ago. Top shipper for the week was hard red winter with 5.9 mb, followed by soft white at 4.4 mb and red spring at 3.9 mb. Top destinations off the west coast were South Korea at 2.9 mb, the Philippines at 2.2 mb and Chile with 1.4 mb. Acreage...USDA reports that winter wheat acreage across the three PNW states is down 3% from 2019 at 3.12 million acres. Idaho plantings are down 1%, Oregon down 5% and Washington off 3% with 1.7 million acres. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.